July saw inventory levels rising nationwide in most markets, comparing year-over-year statistics. Buyers enjoyed more choices than they had for a long time. Housing remained expensive while the market moved fast. Market activity remained hale and hardy compared to pre-pandemic levels.
Closed sales in the Lake Havasu area for July 2022 (143) recorded a decrease year-over-year of 41.2% compared to July 2021 (243). Pending sales dropped by 37.7% in July 2022 (127) versus July 2021 (204). Median sold prices for all residential types of homes for the Lake Havasu area rose 5.8% from July 2021 ($434,900) to June 2022 at $460,000. Houses are not staying on the market very long even though they have increased slightly with the number of Days on Market at 16 days in July 2022, up 166.7% compared to 6 days in July 2021.
Month-end inventory figures for all residential types of homes, which include homes, condos, townhouses, and manufactured homes for the Lake Havasu area show listings rose 66.8% in July 2022 (657) compared to the same time last year, June 2021 (394). New listings decreased in July 2022 (245) by 11.9% when compared to July 2021 (278). Lake Havasu experienced what the rest of the nation has with low levels of existing homes, regardless, the low number of days homes are on the market reflects the competitiveness of the housing market.
Now is a great time to think about listing your home for sale. Reach out to Donna and Lisa who will take the time to explain simply and effectively what is happening in the housing market. It is critical to have a professional real estate agent on your side to negotiate on your behalf and protect your interests. Ask them to explain how to take advantage of current market conditions and show you what they do to get homes SOLD! If you are looking to buy or sell, contact Donna or Lisa today!
The numbers above represent all of Lake Havasu, single family, manufactured, condos and townhomes.
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